Biffa Pension Scheme, the pension fund for the UK waste management company, has completed a £275m buy-in transaction with Standard Life, securing the benefits for 3,070 members.
The deal, which completed in September, covers 1,280 deferred members and 1,790 current pensioners and dependents of the scheme.
The buy-in deal represents an important milestone in the pension fund’s de-risking journey, achieved through close collaboration between all parties.
Aon acted as lead transaction adviser, as well as providing actuarial and investment advice to the trustee, while Gowling WLG provided legal advice to the trustee.
Keith Jones, chair of trustees, said: “Completing this transaction is a significant achievement for the scheme and Standard Life is a well-established brand familiar to our members.”
Alexa Mitterhuber, director of pension risk transfer at Standard Life, added: “This transaction has helped provide greater long-term certainty for more than 3,000 members. It also demonstrates the value of strong collaboration between all parties. The scheme approached the market with clear objectives and a high level of preparation, enabling an efficient process and a positive outcome.”
Hannah Brinton, partner at Aon, added that the process generated “significant insurer engagement and competition across the market, culminating in the selection of Standard Life”.
“This included making certain that the trustee’s requirements on services for member experience were an integral part of the deal,” she said.
